'By trying to convince voters that debt relief will cost them, and that a more egalitarian society is impossible, corporate media are defending America's ruling class from an educated working class.'
, pointed out how even CRFB's estimate shows at most a 0.3% increase in inflation, which wouldn't"reverse" or even"dent" larger deflationary trends like the Federal Reserve's interest rate hikes, or even restarting student debt payments, as Biden intends to do at the start of the new year.
On top of this, the central argument in Goldwien's case and across corporate media—that debt relief will —rests on the assumption that canceling people's debt will incentivize them to buy things for which there is not enough supply to keep prices stable. Heidi Shierholtz, president of the Economic Policy Institute, took toThe latest version of the claim"we can't have nice things because inflation" is the idea that we can't cancel federal student debt.
That corporate media would boost bad-faith arguments against a policy that represents such a sea change in people's lives, as well as in the government's role of helping working people, demonstrates a deep adherence to frameworks of austerity and neoliberalism. As Krugman
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